File: Old Mutual highlights that customers were looking for lower margin risk and investment products.
JOHANNESBURG - Much like other financial services groups, Old Mutual is expecting a significant drop in its full-year profit.
The company set aside almost R4-billion to cover COVID-19-related claims.
Old Mutual says claims in the second half of the year were higher because of increased infections and death rates.
Headline earnings per share is set to drop by between 40 and 60-percent in the year to end-December
Old Mutual highlights that it will continue to closely monitor claims for this financial year.
The insurer says it currently has about R1.9-billion in COVID-19-related death claims for this January and February.